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Kolkata-based quick service restaurant start-up Wow! Momo is looking to enter the ready-to-eat segment with frozen momos targeting only the export markets, particularly the US and the UK.
According to Sagar J Daryani, Co-Founder and CEO, the chain plans to bring onstream by October next year its new automated facility at a capex of ₹20 crore in south Kolkata.
The facility will have a capacity of 20 lakh pieces per day (against its existing capacity of 200,000 pieces a day). It is this unit that will be leveraged for catering to the export market.
“We are exploring the ready-to-eat frozen momo space only for export to the US and the UK. We find that there is good demand there,” Daryani said, on the sidelines of an event organised by various chambers of commerce in the State.
The company will also initiate discussions with distributors and retail chains in these countries. Nearly, 5 per cent of its FY19 revenues is expected to come from exports.
Last fiscal. Wow! Momo clocked a turnover of ₹52 crore and a profit of around ₹2 crore.
It is eyeing a jump in turnover to ₹90 core in FY18 and to ₹150 crore by FY19.
The QSR chain has 137 stores across India and will look to take the number up to 160 by the end of this fiscal. This apart, it will also push for kiosk and other small-format offerings, like ‘Wow! Momo on Wheels’.
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